第一财经·2025-08-30 10:43Core Viewpoint - TCL Technology reported a strong performance in the first half of 2025, with revenue and net profit showing significant growth, indicating a positive trend in the semiconductor display sector and overall industry recovery [3][5]. Financial Performance - TCL Technology's revenue for the first half of 2025 reached 85.56 billion yuan, a year-on-year increase of 6.65%, while net profit was 1.883 billion yuan, up 89.26% [3]. - TCL Huaxing, a subsidiary, generated revenue of 50.43 billion yuan, marking a 14.4% increase, and net profit of 4.32 billion yuan, up 74% [3]. - BOE Technology, another major player, reported revenue of 101.278 billion yuan, a growth of 8.45%, and net profit of 3.247 billion yuan, increasing by 42.15% [5]. Industry Trends - The display industry is undergoing a transformation, with TCL Technology completing acquisitions of LG Display's subsidiaries, indicating a consolidation of supply capacity and an optimization of industry structure [6]. - The industry is shifting from a focus on scale and market share to prioritizing high profitability, advanced technology, and added value [6]. - Factors benefiting the panel industry include government subsidies stimulating consumer electronics demand, although the LCD TV panel market experienced fluctuations in supply and pricing [6][7]. Market Dynamics - The second quarter of 2025 saw a decline in LCD TV panel shipments, with 57.4 million units shipped, the lowest quarterly level since 2019, reflecting a contraction in the television market [7]. - TCL Technology anticipates a 3% to 4% increase in TV panel shipments in the third quarter due to seasonal shopping trends, with prices expected to stabilize [7]. - The industry is exploring growth opportunities in new product categories, such as foldable screens, particularly with expectations of major players like Apple entering the market [7].